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YOUR QUICK START GUIDE to OPTIONS SUCCESS.Pages YOUR QUICK START GUIDE TO OPTIONS SUCCESS Don Fishback IMPORTANT DISCLOSURE INFORMATION Fishback Management and Research, Inc. (FMR), its principles and employees reserve the right to, and indeed do, trade stocks, mutual funds, op?ons and futures for their own accounts. FMR, its principals and employees will not knowingly trade in advance of the general dissemina?on of trading ideas and recommenda?ons. There is, however, a possibility that when trading for these proprietary accounts, orders may be entered, which are opposite or otherwise different from the trades and posi?ons described herein. This may occur as a result of the use of different trading systems, trading with a different degree of leverage, or tes?ng of new trading systems, among other reasons. The results of any such trading are confiden?al and are not available for inspec?on. This publica?on, in whole or in part, may not be reproduced, retransmiDed, disseminated, sold, distributed, published, broadcast or circulated to anyone without the express prior wriDen permission of FMR except by bona fide news organiza?ons quo?ng brief passages for purposes of review. Due to the number of sources from which the informa?on contained in this newsleDer is obtained, and the inherent risks of distribu?on, there may be omissions or inaccuracies in such informa?on and services. FMR, its employees and contributors take every reasonable step to insure the integrity of the data. However, FMR, its owners and employees and contributors cannot and do not warrant the accuracy, completeness, currentness or fitness for a par?cular purpose of the informa?on contained in this newsleDer. Although we do not provide any futures informa?on, the CFTC provides an excellent descrip?on of the limita?ons of hypothe?cal trades and, therefore, we are providing it to you: HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. OPTIONS INVOLVE RISK AND ARE NOT SUITABLE FOR ALL INVESTORS. PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. ODDS® is a registered trademark of Don Fishback. CBOE, Bloomberg, S&P 500 and all other trademarks, servicemarks, registered trademarks, and registered servicemarks are the property of their respecDve owners. Copyright © 2017, Don Fishback, All Rights Reserved Table of Contents INTRODUCTION ....................................................................................................................... 4 ENTERING OPTIONS ORDERS ................................................................................................... 6 IDENTIFICATION ............................................................................................................................... 6 UNDERLYING .................................................................................................................................... 6 ACTION ............................................................................................................................................ 6 OPENING OR CLOSING TRANSACTION .............................................................................................. 7 QUANTITY ........................................................................................................................................ 7 EXPIRATION ...................................................................................................................................... 7 STRIKE PRICE .................................................................................................................................... 8 TYPE ................................................................................................................................................. 8 ORDER TYPE / PRICE ......................................................................................................................... 8 1. IDENTITY ........................................................................................................................................ 10 2. UNDERLYING ................................................................................................................................. 10 3. BUY OR SELL .................................................................................................................................. 10 4. OPEN OR CLOSE ............................................................................................................................ 10 5. QUANTITY OR NUMBER OF CONTRACTS ...................................................................................... 10 6. CONTRACT ..................................................................................................................................... 10 7. TYPE OF ORDER ............................................................................................................................. 10 ORDER TYPES ........................................................................................................................ 12 MARKET ORDER ............................................................................................................................. 12 LIMIT ORDER .................................................................................................................................. 14 BUY LIMIT ........................................................................................................................................... 14 SELL LIMIT .......................................................................................................................................... 16 STOP ORDER ................................................................................................................................... 18 BUY STOP ........................................................................................................................................... 18 SELL STOP ........................................................................................................................................... 20 GTC ORDER ........................................................................................................................................ 23 ORDERS FOR MULTIPLE OPTION STRATEGIES ......................................................................... 25 VERTICAL DEBIT SPREAD ................................................................................................................. 26 PUT DEBIT SPREAD (also known as BEAR PUT DEBIT SPREAD) .......................................................... 28 VERTICAL CREDIT SPREAD ............................................................................................................... 30 CALL CREDIT SPREAD ......................................................................................................................... 30 PUT CREDIT SPREAD ........................................................................................................................... 33 STRADDLES AND STRANGLES .......................................................................................................... 36 STRADDLE .......................................................................................................................................... 36 STRANGLE .......................................................................................................................................... 38 WRITE THINGS DOWN ........................................................................................................... 40 KEEPING TRADE RECORDS ..................................................................................................... 41 INDIVIDUAL CONFIRMATIONS ............................................................................................................ 41 TRADING LOG ..................................................................................................................................... 41 OPEN ORDER LOG .............................................................................................................................. 41 TRADING IS A BUSINESS ..................................................................................................................... 42 GLOSSARY OF COMMONLY USED OPTIONS TERM .................................................................. 43 INTRODUCTION Mastering the fundamentals of any sport, business, or other ac?vity is important if you expect to succeed. Before going out
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